According to Variety, Fox on Friday announced that it has closed the acquisition of streaming platform Roku, a deal valued at $22 billion, well ahead of the expected 2027 date.

As per Variety, Roku founder and CEO Anthony Wood was appointed to Fox’s board of directors and will serve as co-chair of Fox Digital Platforms. This is a newly established division encompassing Roku, Tubi, Fox One, Red Seat Ventures and other digital products and services. He shares the role with Paul Cheesbrough, who will serve as co-chair and CEO of the division.

“The closing of this acquisition advances the long-term strategy of Fox,” Lachlan Murdoch, executive chair and CEO of Fox Corp., said in a statement Friday via Variety.

According to Variety, Fox Corporate states that it will  preserve Roku “as a leading open ecosystem for the broader streaming industry.” That means that, say, it won’t give exclusive or advantageous positioning to Fox News or the Fox One streaming package on Roku.

“Beginning today, our top priority for the combined company is to continue to relentlessly serve audiences and partners, while reinforcing the openness and choice that is the essence of the Roku platform,” Murdoch said via Variety. “Our shared entrepreneurial passion and clear conviction toward building the future together with our new Roku colleagues gives us great confidence in the opportunities ahead of us.”

As per Variety, Fox Corp will be expecting approximately $400 million in annualized cost synergies within two years of closing the Roku deal. The company also sees the opportunity for revenue to grow through a combination of the two businesses and expects the acquisition to be accretive to free cash flow per share by the second full year following the close. In June Fox gave the announcement of agreeing to buy Roku for $160/share in a combination of about $14.2 billion in cash and the remainder in Fox Class A common stock.